Opinion of 1966 red seal $100 note

A teller at one of my banks has this note and is looking to sell it. He's in his 20's and says he's just wants to "make a little something" on it. He hasn't given me a price. I mentioned to him that on ebay they have sold between $120 and $140.

This note still has some crispness to it. There are wallet folds down the middle. The upper left and upper right corners have folds. There is a "W" stamped to the lower left of the portrait and what looks like another stamp near the upper left of the portrait. The reverse side has no graffitti, etc.

I am thinking of offering him $125. What would be the maximum that I should pay for this note? Thanks.

He allowed me to take a pic with my Blackberry.

 

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I hope he is not selling for over face value in the bank. Personally I wouldn't pay more than what you are offering based on the W stamped on it, and that other mark to the upper left of Franklin. BTW I got a '66-A for face from a bank in California a year ago, it is in AUish with a small teller stamp smudge.

 

.....knowing this, I wouldn't offer more than $110

 

+1. $110 is the max for all of those issues associated with the note.

 

Ditto... $110 - $120 tops... Just tell him the red seals are fiat currency backed by the good faith of Washington politicians, and not as good as blue seal silver certs backed by Chuck Norris.

 

He could lose his job by selling that note for more than face value and pocketing the profit.

 

Not if he withdraws it and then sells it later. He just can't sell it while it's bank property.

 

Thats true but he obviously is trying to make the deal while working. I know my manager would frown upon that.

 

Thanks for everyone's input on this. I'll let him know that the opinions I received were for $110. I may make an offer of $120. I know it's a little more than some of you suggested but it may open up future coin and currency opportunities at this bank.

 

I think you should be careful with this one. Like it has already been said, this note isn't worth that much above face because of the mark. I also wouldn't get the idea in this teller's mind that he can search while at work and sell you everything he finds. I know this find is a little special...and when I worked at the bank I had all my coworkers keeping an eye out for one for me...but this could set a bad precedent.

 

I see your point. I emailed him explaining the note is worth around $110. I offered him $120 and asked him to throw in a red seal $2 bill (he said he also has a few of those). Not that the $2 makes up the $10 difference but we'll see what he says.

 

Like all things numismatic, old doesn't equal more money. Probably this biggest shock to the uneducated.
Explain that fiat red seals are often reissued like federal reserve notes, and not as crazy valuable as he thinks. If old meant anything than southern state and civil war currency would cost millions. Heck I've seen modern star notes go for more than continental currency from the seventeen hundreds...

 

I agree with Ron, and would add that denomination falls into the same group as age. I've seen plenty of $1's, $2's, $5's, etc. that are "valued" more than the higher denominations.

 

While you are correct...there are a couple denominations of small-size red seal notes that do carry healthy premiums because they simply didn't print that many. The $1 and $100 red seal notes are hard to come by. The $2 and $5 are pretty common...but the $1 and $100 aren't. You can sometimes find the $100 in circulation because of the high face value...but they are worth more. The only reason this note doesn't have a lot of value over face is because it has been damaged.

 

I'd pay as much as $120.